Indian rupee opened higher against dollar on Tuesday on the back of higher capital inflows due to postponement of the controversial General Anti-Avoidance Rules (GAAR) implementation to April 2016 from April 2014 as scheduled earlier. However, local unit erased all early gains in the late morning session and is trading negative against American currency amid dollar demand from importers. Meanwhile, positive local domestic equity market and strengthening of the euro against the dollar overseas restricted rupee’s gains.
The partially convertible currency is currently trading at 54.55, weaker by 6 paise from its previous close of 54.49 on Monday. The currency touched a high and low of 54.55 and 54.34 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.63 and for Euro it stood at Rs 73.12 on January 14, 2013. While, the RBI’s reference rate for the Yen stood at 60.98, the reference rate for the Great Britain Pound (GBP) stood at 88.1735. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
January 14, 2013 | 54.63 | 88.1735 |
January 11, 2013 | 54.54 | 88.0532 |
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